Deutsche Bank who?

Deutsche Bank who?
The show must go on. Despite the turmoil in the banking sector, indices are climbing higher. In today’s technical piece, we have DAX which, as a German index, was very close to the havoc in the banking industry. The Deutsche Bank was predicted to be the next SVB or Credit Suisse by many. Actually, the negative aura around the DB has been present for years, but it was just renewed once the other banks started to report problems. Nevertheless, the DB is gone from the headlines and DAX is surging higher.
Technically, the recent price moves are really clean. The March reversal is an inverse head-and-shoulders pattern (green) which bounces off the key, long-term horizontal support around 14800 points. Yesterday, the price managed to break the neckline of this formation (purple) which, apart from being a neckline, was also a legitimate horizontal S/R level, crucial throughout February (15250).

The price staying above the 15250 is a proper display of power. As long as we are above the purple support, the buy signal is ON. At some point, this area will be tested as support, as that is a typical price action mechanic. In case of a breakout to the downside, the sell signal will be triggered, but this option is currently less likely to happen.
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